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Ohio state law requires cash advance lenders to be licensed. The written contract from the lender must clearly state the terms owed to the creditor. Lenders are prohibited from entering into more than one contract with a borrower at one time. Payday advance lenders may pursue civil action against a borrower for a defaulted loan.
$800 is the maximum payday advance loan, excluding fees, allowed by law.
Loan terms vary, but cannot exceed a maximum of 6 months.
Ohio law does not permit extensions or rollovers.
Finance fees cannot exceed $10 per $100 of the amount borrowed plus a 5% monthly interest. A lender may also charge no more than $20 for a check collection fee.
If you feel a payday lender is operating unfairly or engaging in illegal collection practices, you can contact your Ohio Attorney General:
Office of the Attorney General
30 E. Broad St., 17th Floor
Columbus, OH 43215